This is a loan for purchase of household equipments and furniture which have a use life of more than one year against mortgage of building/houses.
The loan is granted for a maximum period of 3 years. The minimum and maximum amount of the loan shall be Birr 20,000 and Birr 150,000, respectively.
Disbursement shall be effected directly to the supplier up on the written consent of the borrower.
The loan shall be secured against buildings located in major towns (where the collateral property has good marketability in case of default) with minimum collateral coverage of 150%.
The loan shall also be granted against employer’s guarantee, provided the employer has the reputation and credibility. The guarantee shall fully cover the principal amount and interest.
|
